Utility measurements are:
A. a relative ranking of how much different people enjoy a particular good.
B. used to compare one person's preference for a good to another person's preference.
C. a relative ranking of the satisfaction a person gets from alternative combinations of things.
D. None of these is true.
C. a relative ranking of the satisfaction a person gets from alternative combinations of things.
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Suppose a firm can only vary the quantity of labor hired in the short run. An increase in the cost of capital will
A) increase the firm's marginal cost. B) decrease the firm's marginal cost. C) have no effect on the firm's marginal cost. D) More information is needed to answer the question.
The largest category of federal government spending is growing because
a. the U.S. must spend more on national defense due to the war against terror. b. the elderly population is increasing due to rising life expectancies. c. expenditures on space exploration have increased dramatically. d. expenditures on school voucher programs have increased dramatically.
Consider an auctioneer who is selling an item through an auction. It is known that the 25 risk-neutral bidders have affiliated values that are distributed between $0 and $500 million. Based on this information, the auction type that will maximize expected revenue is:
A. first-price, sealed-bid auction and Dutch auction. B. English auction. C. second-price, sealed-bid auction. D. English auction and second-price, seal-bid auction.
If the firm is incurring losses in the short run, then which of the following is true?
A. P < ATC B. P > ATC C. P > MC D. MC > ATC